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Shiba Inu (SHIB) Is on Verge of Golden Cross

Sun, 08/13/2023 - 09:27
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Arman Shirinyan
Shiba Inu's recent 28% surge positions it on brink of bullish 'Golden Cross'
Shiba Inu (SHIB) Is on Verge of Golden Cross
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Shiba Inu (SHIB) seems poised for a significant technical move, suggests the most recent market data. Following a robust 28% price increase over the last eight days, SHIB is now knocking at the doors of a promising "Golden Cross."

For those unfamiliar with the term, a Golden Cross is one of the most looked-forward-to technical patterns in trading. It occurs when a short-term moving average, typically the 50-day exponential moving average (50 EMA), crosses above a long-term moving average, usually the 200-day exponential moving average (200 EMA). Historically, in many markets, this has been a bullish sign, indicating the potential start of a prolonged upward trend.

Shiba Inu
Source: TradingView

The rise of SHIB is more than just percentages; it is backed by tangible shifts in the market dynamics. A substantial increase in trading volume, coupled with increased liquidity and market depth, has given SHIB the much-needed momentum. These factors, in combination, have paved the way for the potential Golden Cross.

But why does this matter? From a trader's viewpoint, these moving averages are not just lines on a chart; they represent the underlying sentiment in the market. A Golden Cross, thus, suggests that the short-term sentiment is turning more bullish than the long-term sentiment. This could attract a new wave of investors and traders looking to capitalize on a potential upward trend.

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It is worth noting, however, that while technical indicators are powerful tools in a trader's arsenal, the world of cryptocurrency remains unpredictable, with a myriad of factors influencing prices. Investors should always do their own research and due diligence before making any financial decisions.

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About the author

Arman Shirinyan is a trader, crypto enthusiast and SMM expert with more than four years of experience.

Arman strongly believes that cryptocurrencies and the blockchain will be of constant use in the future. Currently, he focuses on news, articles with deep analysis of crypto projects and technical analysis of cryptocurrency trading pairs.